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ADTRAN Holdings, Inc.（ADTN）与Ultragenyx Pharmaceutical Inc.（RARE）财务数据对比。点击上方公司名可切换其他公司
ADTRAN Holdings, Inc.的季度营收约是Ultragenyx Pharmaceutical Inc.的1.4倍（$291.6M vs $207.3M），ADTRAN Holdings, Inc.净利率更高（-1.2% vs -62.0%，领先60.8%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 20.1%），ADTRAN Holdings, Inc.自由现金流更多（$30.6M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 13.5%）
ADTRAN Holdings, Inc.是一家总部位于美国阿拉巴马州亨茨维尔的光纤网络与电信企业，主要面向通信服务商、政府机构、企业及公共事业单位，供应面向住宅用户与企业级的网络硬件设备，同时提供用于网络管理与部署的管理软件。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
ADTN vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $291.6M | $207.3M |
| 净利润 | $-3.6M | $-128.6M |
| 毛利率 | 39.0% | — |
| 营业利润率 | 1.5% | -54.7% |
| 净利率 | -1.2% | -62.0% |
| 营收同比 | 20.1% | 25.9% |
| 净利润同比 | 92.2% | 3.5% |
| 每股收益（稀释后） | $-0.02 | $-1.28 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
| Q4 25 | $291.6M | $207.3M | ||
| Q3 25 | $279.4M | $159.9M | ||
| Q2 25 | $265.1M | $166.5M | ||
| Q1 25 | $247.7M | $139.3M | ||
| Q4 24 | $242.9M | $164.6M | ||
| Q3 24 | $227.7M | $139.5M | ||
| Q2 24 | $226.0M | $147.0M | ||
| Q1 24 | $226.2M | $108.8M |
| Q4 25 | $-3.6M | $-128.6M | ||
| Q3 25 | $-10.3M | $-180.4M | ||
| Q2 25 | $-20.5M | $-115.0M | ||
| Q1 25 | $-11.3M | $-151.1M | ||
| Q4 24 | $-46.1M | $-133.2M | ||
| Q3 24 | $-33.3M | $-133.5M | ||
| Q2 24 | $-49.7M | $-131.6M | ||
| Q1 24 | $-330.8M | $-170.7M |
| Q4 25 | 39.0% | — | ||
| Q3 25 | 38.3% | — | ||
| Q2 25 | 37.3% | — | ||
| Q1 25 | 38.4% | — | ||
| Q4 24 | 36.9% | — | ||
| Q3 24 | 36.5% | — | ||
| Q2 24 | 36.0% | — | ||
| Q1 24 | 31.1% | — |
| Q4 25 | 1.5% | -54.7% | ||
| Q3 25 | -1.0% | -106.9% | ||
| Q2 25 | -5.0% | -64.8% | ||
| Q1 25 | -1.6% | -102.6% | ||
| Q4 24 | -6.9% | -74.3% | ||
| Q3 24 | -11.5% | -94.6% | ||
| Q2 24 | -17.0% | -79.1% | ||
| Q1 24 | -153.1% | -151.9% |
| Q4 25 | -1.2% | -62.0% | ||
| Q3 25 | -3.7% | -112.8% | ||
| Q2 25 | -7.7% | -69.0% | ||
| Q1 25 | -4.5% | -108.5% | ||
| Q4 24 | -19.0% | -80.9% | ||
| Q3 24 | -14.6% | -95.7% | ||
| Q2 24 | -22.0% | -89.5% | ||
| Q1 24 | -146.2% | -156.8% |
| Q4 25 | $-0.02 | $-1.28 | ||
| Q3 25 | $-0.12 | $-1.81 | ||
| Q2 25 | $-0.24 | $-1.17 | ||
| Q1 25 | $-0.14 | $-1.57 | ||
| Q4 24 | $-0.58 | $-1.34 | ||
| Q3 24 | $-0.38 | $-1.40 | ||
| Q2 24 | $-0.63 | $-1.52 | ||
| Q1 24 | $-4.20 | $-2.03 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $95.7M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $145.8M | $-80.0M |
| 总资产 | $1.2B | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $95.7M | $421.0M | ||
| Q3 25 | $93.7M | $202.5M | ||
| Q2 25 | $106.3M | $176.3M | ||
| Q1 25 | $101.3M | $127.1M | ||
| Q4 24 | $76.0M | $174.0M | ||
| Q3 24 | $88.5M | $150.6M | ||
| Q2 24 | $111.2M | $480.7M | ||
| Q1 24 | $106.8M | $112.3M |
| Q4 25 | $145.8M | $-80.0M | ||
| Q3 25 | $141.6M | $9.2M | ||
| Q2 25 | $169.6M | $151.3M | ||
| Q1 25 | $138.9M | $144.2M | ||
| Q4 24 | $127.0M | $255.0M | ||
| Q3 24 | $205.6M | $346.8M | ||
| Q2 24 | $213.6M | $432.4M | ||
| Q1 24 | $260.8M | $140.3M |
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.2B | $1.5B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | $1.3B | $1.3B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $42.2M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $30.6M | $-100.8M |
| 自由现金流率自由现金流/营收 | 10.5% | -48.6% |
| 资本支出强度资本支出/营收 | 4.0% | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $98.0M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $42.2M | $-99.8M | ||
| Q3 25 | $12.2M | $-91.4M | ||
| Q2 25 | $32.2M | $-108.3M | ||
| Q1 25 | $43.2M | $-166.5M | ||
| Q4 24 | $2.4M | $-79.3M | ||
| Q3 24 | $43.3M | $-67.0M | ||
| Q2 24 | $19.9M | $-77.0M | ||
| Q1 24 | $37.9M | $-190.7M |
| Q4 25 | $30.6M | $-100.8M | ||
| Q3 25 | $4.2M | $-92.7M | ||
| Q2 25 | $27.5M | $-110.7M | ||
| Q1 25 | $35.8M | $-167.8M | ||
| Q4 24 | $-895.0K | $-79.5M | ||
| Q3 24 | $37.1M | $-68.6M | ||
| Q2 24 | $8.4M | $-79.0M | ||
| Q1 24 | $24.4M | $-193.9M |
| Q4 25 | 10.5% | -48.6% | ||
| Q3 25 | 1.5% | -58.0% | ||
| Q2 25 | 10.4% | -66.5% | ||
| Q1 25 | 14.4% | -120.5% | ||
| Q4 24 | -0.4% | -48.3% | ||
| Q3 24 | 16.3% | -49.2% | ||
| Q2 24 | 3.7% | -53.7% | ||
| Q1 24 | 10.8% | -178.2% |
| Q4 25 | 4.0% | 0.5% | ||
| Q3 25 | 2.9% | 0.8% | ||
| Q2 25 | 1.8% | 1.5% | ||
| Q1 25 | 3.0% | 1.0% | ||
| Q4 24 | 1.4% | 0.1% | ||
| Q3 24 | 2.7% | 1.2% | ||
| Q2 24 | 5.1% | 1.4% | ||
| Q1 24 | 6.0% | 3.0% |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ADTN
| Subscriber Solutions | $96.2M | 33% |
| Optical Networking Solutions | $81.8M | 28% |
| Access Aggregation Solutions | $64.6M | 22% |
| Services And Support | $48.9M | 17% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
